Can NRI send money to brother in India?

Yes, an NRI can transfer money to India, to a brother, as a gift. As per the Income Tax Act, if the value of gifts received, is more than Rs. 50,000 a year, then such amount is taxed as income in the hands of the receiver. Yes, an NRI can transfer money to India, to a brother, as a gift.

Can I gift money to my brother in India?

3) Gifts from specified relatives are exempted, regardless of amount. These relatives are spouse, father, mother, brother and sister. They also include any lineal ascendant or descendant of the individual or his spouse as well as brother/sister of the spouse.

Can NRI transfer money to relatives in India?

An NRI is allowed to receipt money as gift from a resident Indian under the Liberalized Remittance Scheme (“LRS”), within the limit of USD 250,000 in a financial year as prescribed therein. The donor and the recipient need not be close relatives.

Can my brother give me money?

The IRS allows you to give anyone you like, including your brother, $13,000 per year as of 2012. This can come in any form, from property to stocks to cash. If you are married, you and your spouse combined can take advantage of a double exclusion, or $26,000 per year to any individual.

Can I give my brother money tax free?

The annual exclusion is the maximum value of gifts you can give to each person. For example, during the 2021 tax year, the law allows you to make an unlimited number of tax-free gifts as long as no one receives more than $15,000.

Can I gift money to my brother?

You can gift money to anyone you like, but there might be tax to pay. There are certain people or bodies to whom you can gift money without paying Inheritance Tax. These are: Your husband, wife or civil partner, as long as they live permanently in the UK.

Can a brother gift money to his brother?

As per the Income Tax Act, 1961 if the value of gifts received is more than Rs. 50,000 a year, then such amount is taxed as income in the hands of the receiver. These gifts may be in any form – cash, jewellery, movable and immovable property, shares etc. So you can receive tax free gift from your brother.